Morgan Stanley Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

5/9

Morgan Stanley passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.10x

For every $1 of reported earnings, Morgan Stanley generates $0.10 in operating cash flow ($1.4B OCF vs $13.4B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Morgan Stanley (MS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$61.8B

YoY+14.1%

5Y CAGR+8.3%

10Y CAGR+6.1%

Morgan Stanley generated $61.8B in revenue in fiscal year 2024. This represents an increase of 14.1% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$13.4B

YoY+47.4%

5Y CAGR+8.2%

10Y CAGR+14.5%

Morgan Stanley reported $13.4B in net income in fiscal year 2024. This represents an increase of 47.4% from the prior year.

EPS (Diluted)

$7.95

YoY+53.5%

5Y CAGR+8.9%

10Y CAGR+17.4%

Morgan Stanley earned $7.95 per diluted share (EPS) in fiscal year 2024. This represents an increase of 53.5% from the prior year.

Cash & Debt

$105.4B

YoY+18.1%

5Y CAGR+5.1%

10Y CAGR+1.9%

Morgan Stanley held $105.4B in cash against $284.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.55

YoY+9.2%

5Y CAGR+22.3%

10Y CAGR+26.1%

Morgan Stanley paid $3.55 per share in dividends in fiscal year 2024. This represents an increase of 9.2% from the prior year.

Shares Outstanding

1.61B

YoY-1.4%

5Y CAGR+0.2%

10Y CAGR-2.0%

Morgan Stanley had 1.61B shares outstanding in fiscal year 2024. This represents a decrease of 1.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

21.7%

YoY+4.9pp

5Y CAGR-0.1pp

10Y CAGR+11.6pp

Morgan Stanley's net profit margin was 21.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.9 percentage points from the prior year.

Return on Equity

12.8%

YoY+3.6pp

5Y CAGR+1.7pp

10Y CAGR+7.9pp

Morgan Stanley's ROE was 12.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 3.6 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$61.8B+14.1%	$54.1B+0.9%	$53.7B-10.2%	$59.8B+22.6%	$48.8B+17.4%	$41.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$45.5B+8.3%	$42.1B+242.8%	$12.3B+798.1%	$1.4B-64.5%	$3.8B-69.0%	$12.4B
Income Tax	$4.1B+57.5%	$2.6B-11.2%	$2.9B-36.0%	$4.5B+40.4%	$3.2B+56.9%	$2.1B
Net Income	$13.4B+47.4%	$9.1B-17.6%	$11.0B-26.6%	$15.0B+36.7%	$11.0B+21.6%	$9.0B
EPS (Diluted)	$7.95+53.5%	$5.18-15.8%	$6.15-23.4%	$8.03+24.3%	$6.46+24.5%	$5.19

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$18.2B+8.5%	$16.8B-5.3%	$17.7B+9.3%	$16.2B+8.0%	$15.0B-0.8%	$15.1B+17.4%	$12.9B-2.8%	$13.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$13.0B+3.2%	$12.6B+10.2%	$11.4B+4.2%	$10.9B-4.6%	$11.5B+2.9%	$11.1B-14.7%	$13.1B+15.2%	$11.3B
Income Tax	$1.4B+31.1%	$1.0B-10.7%	$1.2B-0.8%	$1.2B+23.5%	$957.0M+2.6%	$933.0M+68.1%	$555.0M-21.8%	$710.0M
Net Income	$4.6B+30.3%	$3.5B-18.0%	$4.3B+16.2%	$3.7B+20.7%	$3.1B-9.8%	$3.4B+124.9%	$1.5B-37.0%	$2.4B
EPS (Diluted)	$2.80+31.5%	$2.13-18.1%	$2.60+16.6%	$2.23+22.5%	$1.82-9.9%	$2.02+134.9%	$0.86-37.7%	$1.38

MS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.2T+1.8%	$1.2T+1.1%	$1.2T-0.7%	$1.2T+6.5%	$1.1T+24.6%	$895.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$105.4B+18.1%	$89.2B-30.4%	$128.1B+0.3%	$127.7B+20.9%	$105.7B+28.6%	$82.2B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$16.7B0.0%	$16.7B+0.3%	$16.7B-1.1%	$16.8B+44.7%	$11.6B+62.9%	$7.1B
Total Liabilities	$1.1T+1.5%	$1.1T+1.4%	$1.1T-0.2%	$1.1T+6.8%	$1.0T+24.6%	$812.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$284.3B+9.1%	$260.5B+11.4%	$233.9B+2.9%	$227.4B+6.5%	$213.4B+12.3%	$190.1B
Total Equity	$104.5B+5.5%	$99.0B-1.1%	$100.1B-5.0%	$105.4B+3.6%	$101.8B+24.8%	$81.5B
Retained Earnings	$105.0B+7.1%	$98.0B+3.3%	$94.9B+6.1%	$89.4B+13.6%	$78.7B+11.5%	$70.6B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.4T+0.8%	$1.4T+4.1%	$1.3T+7.0%	$1.2T+0.2%	$1.2T-1.3%	$1.2T+2.9%	$1.2T+2.1%	$1.2T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$103.7B-4.9%	$109.1B+20.3%	$90.7B-13.9%	$105.4B+16.9%	$90.2B-11.9%	$102.3B+14.7%	$89.2B-17.7%	$108.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$16.7B-0.1%	$16.7B+0.1%	$16.7B0.0%	$16.7B-0.1%	$16.7B0.0%	$16.7B+0.1%	$16.7B0.0%	$16.7B
Total Liabilities	$1.3T+0.7%	$1.2T+4.4%	$1.2T+7.5%	$1.1T-0.1%	$1.1T-1.6%	$1.1T+3.2%	$1.1T+2.3%	$1.1T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$324.1B+1.2%	$320.1B+7.8%	$297.0B+4.5%	$284.3B+5.3%	$269.9B+1.4%	$266.1B+2.2%	$260.5B+7.3%	$242.8B
Total Equity	$110.0B+1.6%	$108.2B+1.3%	$106.8B+2.2%	$104.5B+3.8%	$100.7B+1.5%	$99.2B+0.2%	$99.0B-0.2%	$99.2B
Retained Earnings	$112.4B+2.6%	$109.6B+1.8%	$107.7B+2.5%	$105.0B+3.6%	$101.4B+1.6%	$99.8B+1.9%	$98.0B0.0%	$98.0B

MS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$1.4B+104.1%	-$33.5B-424.2%	-$6.4B-118.8%	$34.0B+234.6%	-$25.2B-161.9%	$40.8B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$29.5B-855.3%	-$3.1B+73.5%	-$11.6B+76.7%	-$49.9B-31.7%	-$37.9B-12.9%	-$33.6B
Financing Cash Flow	$46.8B+1815.2%	-$2.7B-112.0%	$22.7B-45.3%	$41.5B-50.4%	$83.8B+800.2%	-$12.0B
Dividends Paid	$6.1B+6.5%	$5.8B+6.7%	$5.4B+29.5%	$4.2B+52.3%	$2.7B+4.3%	$2.6B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$3.3B-128.2%	$11.8B+149.3%	-$24.0B-303.2%	$11.8B+367.3%	$2.5B-42.1%	$4.4B+124.6%	-$17.8B-573.8%	$3.7B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$10.7B+39.6%	-$17.7B-251.1%	-$5.0B+50.4%	-$10.2B+25.7%	-$13.7B-1396.8%	$1.1B+112.0%	-$8.8B-1802.3%	$517.0M
Financing Cash Flow	$9.1B-58.1%	$21.7B+66.1%	$13.0B-14.5%	$15.3B+3876.0%	-$404.0M-104.6%	$8.9B+55.5%	$5.7B+1477.3%	$361.0M
Dividends Paid	$1.7B+7.6%	$1.6B-2.0%	$1.6B+2.0%	$1.6B+8.0%	$1.5B-1.9%	$1.5B+1.3%	$1.5B-1.6%	$1.5B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	21.7%+4.9pp	16.8%-3.8pp	20.5%-4.6pp	25.2%+2.6pp	22.6%+0.8pp	21.8%
Return on Equity	12.8%+3.6pp	9.2%-1.8pp	11.0%-3.3pp	14.3%+3.5pp	10.8%-0.3pp	11.1%
Return on Assets	1.1%+0.3pp	0.8%-0.2pp	0.9%-0.3pp	1.3%+0.3pp	1.0%-0.0pp	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.72+0.1	2.63+0.3	2.34+0.2	2.16+0.1	2.10-0.2	2.33
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	25.3%+4.2pp	21.1%-3.2pp	24.3%+1.4pp	22.9%+2.4pp	20.5%-2.1pp	22.5%+10.8pp	11.8%-6.4pp	18.1%
Return on Equity	4.2%+0.9pp	3.3%-0.8pp	4.0%+0.5pp	3.5%+0.5pp	3.0%-0.4pp	3.4%+1.9pp	1.5%-0.9pp	2.4%
Return on Assets	0.3%+0.1pp	0.3%-0.1pp	0.3%+0.0pp	0.3%+0.1pp	0.3%-0.0pp	0.3%+0.1pp	0.1%-0.1pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.95-0.0	2.96+0.2	2.78+0.1	2.72+0.0	2.680.0	2.68+0.1	2.63+0.2	2.45
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Morgan Stanley's annual revenue?

Morgan Stanley (MS) reported $61.8B in total revenue for fiscal year 2024. This represents a 14.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Morgan Stanley's revenue growing?

Morgan Stanley (MS) revenue grew by 14.1% year-over-year, from $54.1B to $61.8B in fiscal year 2024.

Is Morgan Stanley profitable?

Yes, Morgan Stanley (MS) reported a net income of $13.4B in fiscal year 2024, with a net profit margin of 21.7%.

What is Morgan Stanley's earnings per share (EPS)?

Morgan Stanley (MS) reported diluted earnings per share of $7.95 for fiscal year 2024. This represents a 53.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Morgan Stanley have?

As of fiscal year 2024, Morgan Stanley (MS) had $105.4B in cash and equivalents against $284.3B in long-term debt.

What is Morgan Stanley's net profit margin?

Morgan Stanley (MS) had a net profit margin of 21.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Morgan Stanley pay dividends?

Yes, Morgan Stanley (MS) paid $3.55 per share in dividends during fiscal year 2024.

What is Morgan Stanley's return on equity (ROE)?

Morgan Stanley (MS) has a return on equity of 12.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Morgan Stanley's operating cash flow?

Morgan Stanley (MS) generated $1.4B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Morgan Stanley's total assets?

Morgan Stanley (MS) had $1.2T in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Morgan Stanley have outstanding?

Morgan Stanley (MS) had 1.61B shares outstanding as of fiscal year 2024.

What is Morgan Stanley's debt-to-equity ratio?

Morgan Stanley (MS) had a debt-to-equity ratio of 2.72 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Morgan Stanley's return on assets (ROA)?

Morgan Stanley (MS) had a return on assets of 1.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Morgan Stanley's Piotroski F-Score?

Morgan Stanley (MS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Morgan Stanley's earnings high quality?

Morgan Stanley (MS) has an earnings quality ratio of 0.10x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.